Deutsche Bank AG will withdraw from participating in setting gold and silver benchmarks in London after Europe’s top investment bank joined JPMorgan Chase & Co. and Morgan Stanley in cutting back on commodities.

Jefferies Group Inc., which said last year it wanted to be among the top five brokers on the London Metal Exchange, stopped trading on the floor of the world’s biggest industrial-metals marketplace after 14 months.

Commodities traders who buy and sell as much as $5.67 trillion of raw materials a year say the benchmark prices for everything from oil to iron ore to gasoline are wrong as often as 27 percent of the time.

Gold traders turned bearish for the first time in a month as investors reduced holdings in exchange-traded products for an unprecedented 17th consecutive week and India, the biggest buyer, announced curbs on imports.